In this episode we answer emails from Multi-family Investor, Nathan, and John. We discuss dual momentum strategies, equity glide paths and the Bengen, Pfau, and Kitces research, letting equity drift higher to reduce rebalancing and transactions, managed futures proxy limits and why commodities are imperfect stand ins, and SDMF versus DBMF.
Dual momentum and risk parity can look strangely similar in a backtest chart, right up until you try to live with one of them in a real retirement portfolio. We take three listener emails and use them to pressure test what matters most when you are optimizing for sustainable spending, low stress execution, and fewer “gotchas” at tax time.
First, we react to a clever tactic: brokerage transfer bonuses and how, for large portfolios, account churn can act like an extra slice of return. Then we dig into the big question behind it all: dual momentum versus risk parity. We explain why we are skeptical of strategies that require frequent full portfolio shifts in taxable accounts, how turnover can trigger short term capital gains, and why the missing piece for many people is a simple dual momentum ETF that could handle the trading inside the fund.
Next we shift to equity glide paths and sequence of returns risk. We connect classic retirement research from Bengen, Pfau, and Kitces to the risk parity mindset and talk through what the “equity versus non equity” split is really doing for a safe withdrawal rate. We also share a practical implementation idea: sometimes the best glide path is simply letting equities drift higher over time so you trade less.
We wrap with managed futures logistics, including the pre 1986 proxy problem and a practical update on SDMF versus DBMF, from swaps and potential tax efficiency to liquidity and costs that do not always show up in the expense ratio. If this helps, subscribe, share the show with a friend, and leave us a review where you listen.
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